Steel rebar futures fell to the lowest in two-years Monday at CNY 3,650 per tonne. Deepening recession fears and heavy losses in Chinese bonds and stocks following the reelection of President Xi. Steel rebar and Iron ore futures have been a clear leader from the early days of the raw materials rally. They are also the most volatile. Volatility is fed multiple things, the property sector, energy prices, interest rates, COVID policy and the ongoing trade war between the world’s biggest … Continue reading “Steel Rebar Futures Lowest in Two Years Impacted by China’s Dynamic Zero-COVID Policy”
Chinese Dalian Iron Ore Futures Continue To Correct From Record Highs on Emissions
Dalian iron ore futures are down another 3% over continued concern over new emissions restrictions in the major steelmaking hub Tangshan Today’s move follows Friday’s sell off as investors optimism soured over Chinese demand. China is the world’s biggest steel producer.
US Steel Slashes Production With Weak Global Manufacturing
United States Steel on Tuesday lowered guidance saying will cut production by idling two blast furnaces in the US and one in the EU. $X responded to falling demand for steel from a weakening manufacturing sector. Earnings were also hurt by a coking plant fire and lower Mississippi River barge traffic.
America Exempts ‘The Great Nation of Australia” From Tariffs
U.S. President Trump announced that Australia would not be subject to the newly implemented American tariffs on steel and aluminum. Australia had used diplomatic pressure to save Australian steel. Trump said he will spare “the great nation of Australia” from the import levy.
US Signs in Steel and Aluminum Tariffs, Exempts NAFTA Partners
President Donald Trump as expected signed into law tariffs on steel and aluminum in a move he feels will recharge American industry. The deal exempts NAFTA partners Canada and Mexico as expected. National security was also cited as part of the decision.
If NAFTA Successful No Tarriffs For Mexico and Canada – Muchin
Treasury Secretary Steve Mnuchin speaking before the House appropriations committee said that if NAFTA negotiations are successful the steel tarriffs will not apply to Canada or Mexico. This is largely in line with what President Trump said yesterday.